You're replying to a comment by Anirudh.

Anirudh Permalink
February 04, 2016, 10:11

You could emulate the Unix's "paste" command in sed as shown
(assuming both files of equal length and no empty lines)

echo '.' | { cat input_f1 - input_f2; } |
sed -ne '
   1{
      :file1
         H;1h;n
         /^[.]$/d
      bfile1
   }
   /\n/{h;n;}
   G
   s/\n/&&/2
   s/\(.*\n\)\(.*\)\n\n/\2=\1/
   P
   /\n.*\n/D
   s/.*\n//
   N;s/\n/=/p
'

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